Huge New Funding Round Has Insurance-Tech Startup Next Covered

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Next staff. (Image credit: Next Insurance)

Palo Alto, California based small business focused insurance company Next Insurance announced a major completed funding round, which not only solidifies its future, but also allows the startup to realize its goal of becoming the latest insurance-tech unicorn.

Thanks to sole investor Munich Re, the company, which provides digital insurance for small US based businesses, has raised $250 million in Series C funding. Next says the new funding will enable it to pursue new product development while the company grows its product base.

So far, Next has raised $381 million total, with a valuation of over $1 billion.

“We have been working with Munich Re since the beginning, and they have been a great partner in helping us grow and develop our business,” said Next Insurance co-founder and CEO Guy Goldstein, in a statement. “We launched Next Insurance in order to transform the small business insurance industry and this new investment will continue to help us grow our team, develop our technology, deliver phenomenal service and accelerate customer growth. We are excited about the future of insurance and are proud to be, together with Munich Re, drivers of industry change.”

“Next Insurance’s data- and technology-driven business model offers outstanding growth opportunities, which we will harness together,” said Joachim Wenning, Chairman of the Board of Management at Munich Re. “We are confident that building on our proven collaboration will benefit both Munich Re and Next Insurance.”

Next’s insurance services lets small businesses buy digital P&C insurance products in one place, anytime, including general liability, professional liability, commercial auto and workers compensation. 1,000 types of businesses currently work with Next.